NEWCASTLE United fans have been warned it is far from certain Mike Ashley will be able to find a buyer for the club in the current economic climate, despite initial interest from several overseas consortia.
While the news that one of the key members of Ashley’s regime, head of recruitment Tony Jimenez, had quit the club yesterday will be welcomed by those still incensed by the board’s treatment of former manager Kevin Keegan, it does not mean a takeover is imminent. Keith Harris, vice-chairman of investment bank Seymour Pierce and the man Ashley has placed in charge of the sale of the club, has painted a gloomy picture as he warned the global economic crisis was likely to prevent potential bidders from matching Ashley’s £280-300m asking price.
Although Harris is adamant Newcastle are one of the most attractive clubs to buy in the Premier League because of their “iconic brand” and passionate support, the harsh reality of the credit crunch means he can not rule out the possibility Ashley will remain in charge indefinitely.
“Mike did it (bought Newcastle) for the right reasons and it hasn’t
worked out,” said Harris, who has been approached by as many as six different potential buyers since Ashley put the club up for sale last month. “It is a major iconic brand and we are attracting interest, but this is a very easy climate for people to find an excuse (not to buy).
“Newcastle are one of those clubs in that part of the country with ferocious local and regional support which probably means an investor will not come from England unless we uncover a trillionaire Geordie who wants to buy the club.”
Significantly, however, when asked directly whether Ashley could decide to remain in charge rather than sell at a loss he said: “I wouldn’t rule anything out, football is so unpredictable.
“Mike still has a good wad of money as you’d say. He is a clever businessman and he is self-made. He has done a lot of good there with the Academy, there has been a lot of investment.
“When you look back through the years so many good players have come from that North East corner, but how many were signed up by Newcastle? Not many. Mike has tried to change that, but that isn’t a headline is it?
“I know him well and I’m representing him now, he has actually cleared up Newcastle’s debt. On the balance sheet it shows they don’t owe money, they owe it to him. That’s not debt, that’s equity, a more efficient way for an owner who owns the whole business.
“Mike has been there 15 months and if you asked him he would say, for 12 months he absolutely loved it . . . we’ll have to see if he makes any money out of it.”
Harris, a former chairman of the Football League, also spoke up for interim manager Joe Kinnear who, if Ashley cannot find anyone to meet his asking price, will be in charge of the team for far longer than his initial six to eight-game contract.
He said: “I went to watch Newcastle play Everton and they had a terrible start. They were 2-0 down and I think the Everton players were rubbing their hands and thinking it was going to be the start of their season.
“But I was sat next to Joe and boy he knows his football. He saw the weaknesses in the team and he changed them, in the end you couldn’t say they didn’t deserve to win the game. It was a great result and the support was fantastic. I’ve been to watch them many times and what you can say about Newcastle United is their support is fantastic.”
Meanwhile, there was some worrying news for Kinnear yesterday when it emerged Mark Viduka could be missing for another six months with the Achilles injury which has already kept him on the sidelines since May. The striker is in Australia to visit a specialist, but it is looking increasingly likely the 31-year-old will require surgery and a lengthy rehabilitation.
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